Fidelity to cut fees on Edinburgh Investment Trust

The annual management charge on the £1.1bn Edinburgh Investment Trust (EIT), currently managed by Edinburgh Fund Managers (EFM), is to be cut by 13% when Fidelity takes over its management on 31 July. Under the terms of the agreement with Fidelity, the annual management fee will be set at 0.26% of funds under management, as opposed to the 0.3% charged by EFM. At Fidelity, the portfolio of the UK growth trust, the retail shareholder base of which is currently around 40%-45%, will be structured using a team of UK equity managers in a multi-manager approach designed to provide a diversifi...